York’s Hunters Estate Agent opens 17 new branches as turnover rises 26%

Hunters, the York-headquartered sales and lettings estate agent and franchise business, has has experienced significant growth for the period ending 30th June 2016.

Hunters, which opened its first office in York in 1992 and its first franchising branch in 2006, reported a 42% increase in network income to £16.9m and a 26% rise in turnover to £6.6m.

In addition, adjusted pre-tax profit is also up by 134% to £807k and adjusted earnings per share is up 61% to 2.52p.

Hunters has grown to 180 branches nationwide, with offices in a number of key cities across the UK including London, Birmingham, Exeter, Manchester and many other locations.

During the six month period, Hunters opened 17 new branches, including the conversions of 10 existing businesses, and grew the lettings income across the network by 18%.

The group’s services cover residential sales, lettings, buy-to-let and investment, residential block management, land and new homes, franchising and other property related services.

Glynis Frew, managing director of Hunters Property Plc, said: “We are delighted that our lenders, HSBC, see the exciting potential and growth in our business and have made a new line of credit available to the Group to deliver on its growth strategy, and we are confident of our growth prospects and meeting our expectations for the full year.”

Kevin Hollinrake, chairman and founder of Hunters, added: “The first six months have seen the Group build successfully on the track record built up over the last 24 years, delivering profit, network and revenue growth, all substantially ahead of last year.

“Potential uncertainty following the EU referendum has been mitigated by the franchise strategy of the business. In this economic environment, independent businesses benefit even more from joining the Hunters network.

“We continue to look for strategic acquisitions should they become available and we are delighted to have secured additional funding in this regard.

“The Group’s strategy is to continue to grow a predominantly franchise network, and during the first half of 2016 added a further 17 branches, all franchised, of which 10 were existing businesses converting to Hunters. The business is well placed for the remainder of the year, with a good pipeline.

“The Board expects the strong growth of the network in the first half of 2016 to continue in the second half as a consequence of the new network branches, stronger enquiries from other existing businesses and our recently extended facilities.”

Hunters joined the AIM market of the London Stock Exchange in July 2015.

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